When you withdraw money from a deferred annuity you will pay a surrender charge on the amount that you withdraw that is more than the free withdrawal amount. Many deferred annuities such as fixed annuities and fixed annuities allow you to withdraw 10% per year without penalty. Some allow you to withdraw the money if you were diagnosed as terminally ill or needed to go into a nursing home. Each contract is different. This video explains at a high level how it works.
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